This is not about a CFO turning a business around quickly.
This blog is about the Quick Hiring & Unhiring of a CFO.
As someone that tracks CFO Moves every week across the country, I see this too often. Every time I see it, it bothers me, especially when I know that it could have been avoided in many cases. Here is one recently reported example of one Quick CFO Turnaround – Ulta Beauty CFO out after 6 weeks on the job.
An outsider will never really know the reason a person leaves their position. Like a divorce, there is the official story, the company’s story, the employee’s story and the real story.
That being said, here are some things that can be done to ensure CFO hires are done well, and can be successful over the long term.
- Use an Executive Search Firm: You can read my previous post 4 Reasons you should use an Executive Search Firm when hiring your CFO.
- CFO Readiness: Previously I wrote Are you Ready for your First CFO? The same Readiness that applies for a company’s first CFO applies when a company has had a CFO for a very long time and needs to change.
- Onboarding: CFOs need to plan their Onboarding. My take on Onboarding is in blog The First 90 Days of a New CFO. As one CFO who went through a Quick Hiring & Unhiring told me recently “I wish I read the book before I accepted the job”.
Hiring for any executive level position needs to be treated seriously. Unfortunately, in too many cases, companies that do not treat their executive level hiring needs with the proper attention and resources necessary. This can end up doing serious damage to their company.
Many executives that are approached for career opportunities rely on their own business acumen to assess and accept career positions. When executives, CFOs included, are looking at career opportunities for themselves, they should know that they are minimizing their own career risk when the company they are being considering by is working with a reputable Executive Search firm.
CFOs: Has being hired by a company that worked with an Executive Search firm make a difference to your career?
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